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​​​​​Gold price, WTI crude price and natural gas price all come under pressure

Gold drops sharply

​The bullish short-term view here looks to have been negated by the sharp drop on Tuesday.

​This has seen the price drop below last week’s low, and also below trendline support from mid-March. This seems to hand the initiative to the sellers, and might see the price head back to the 50-day simple moving average (SMA).

​A stronger dollar in the wake of the FOMC would likely reinforce this bearish outlook.

​WTI back at April lows

​Oil prices continued their retreat on Tuesday. WTI saw a drop back to the $81 level that marked the lows of last week.

​​This cancels out the developing higher low from a week ago, and the retreat from trendline resistance seen on Friday bolsters the negative view in the short-term.

​Further declines would target the 200-day SMA, and then on towards $78, last seen in early March.

​Natural Gas heads lower

​While the price has yet to display the bearish characteristics seen in gold and WTI, the retreat on Tuesday does cancel out the bullish view in the short-term.

​The price may now test rising trendline support from late May. This held in mid- and late-April, so a close below this line would be a notable development.

​This would then target the 50-day SMA and the lows of mid-April around 1850. A revival above 210 0 is needed to bolster the bullish view.

This post appeared first on ig.com

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